School Specialty gets time to pay debt

Greenville-based company squeezed by education cuts

7:48 PM,
Jan. 11, 2013

Written by

Larry Avila
Post-Crescent business editor

Public education spending cuts are catching up to Greenville-based School Specialty.

This week, the maker of K-12 educational products, said it has entered into forbearance agreements with its lenders, buying it time to make debt payments. The company in a statement said the move gives it "access to additional liquidity" as it continues working with advisers to strengthen its finances.

Investopedia.com, a consumer investment website, says forebearance allows a borrower to put a temporary hold on payments, for up to a year in some situations. ...